Help!!!

[Blueboy]

I am going to file personal bankruptcy soon. I am a partner in a very small S Corp. business. The business is struggling right now but my salary has been cut in order to meet overhead.

How will me filing a personal bankruptcy in SC. I think I will qualify for a Chapter 7. My main concern is how this will effect my partners.

Thanks for any and all help.

[keepmine]

Your ownership interest may well become property of the bk estate and the trustee may either attempt to liquidate it or allow you or your partners to buy it back.
Also, any personal credit guarantees you signed for corp. financing will fall on your partners to pay. Your responsibility will be discharged in bk.

[AngelinaCatHub]

Your ownership interest may well become property of the bk estate and the trustee may either attempt to liquidate it or allow you or your partners to buy it back.
Also, any personal credit guarantees you signed for corp. financing will fall on your partners to pay. Your responsibility will be discharged in bk.

Not to take credit for "keepmine" comment, but was about to say, personal vs business is different. If you personally guaranteed a debt, it certainly affects the business.

Have you consulted with your partners? Perhaps they are in the same situation. If so, it may be to all of your best to file bk for the business as well as yourself. It may even aid your partners. I suggest a business meeting and bring this up. let us know and lead them here. 'Hub

[AngelinaCat]

IHow will me filing a personal bankruptcy in SC.

Hi Blueboy, I am not understanding this sentance, which is not a complete sentance at all.

But my question is: are you talking about the S Corporation? Or are you filing in the state of South Carolina?

Thanks

[Blueboy]

Sorry it should have read:

How will me filing a personal bankruptcy in SC effect my portion of the business?